Petro-Reef 2007 Production Increases 37% Over 2006

Petro-Reef Resources estimates Q4 - 2007 production of 800 boe/d, representing a 34% increase from Q3 - 2007 and a 126% increase from Q4 - 2006. Production for all of 2007 is estimated at 620 boe/d, representing a 37% increase year over year. Current production is estimated at 900 boe/d, representing an approximate 13% increase from Q4 - 2007.

Petro-Reef maintains significant balance sheet liquidity exiting 2007 with zero bank debt and over $4,500,000 in cash. Petro-Reef intends to prudently use debt financing in 2008 ensuring adequate funding is available for key exploration and development drilling opportunities.

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